I try to do short sale on my house?

I bought my house for $400,000 , now it wort 245,000. I am six month behind on my mortgage, I did try to do refinance with wells fargo. they did charge me over $4500, and now gave me a plane to pay 7800 for 3 month and then if every thing goes fine they will check my loan.(they stop foreclosure )
I am tired of this game, and i am going to do short sale.my question is it late for short sale or still I have time?
Thanks.
mailboxreza@yahoo.com

short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price

This entry was posted on Wednesday, March 17th, 2010 at 7:32 am and is filed under stop foreclosure sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “I try to do short sale on my house?”

  1. theshadow01 Says:
    March 17th, 2010 at 1:14 pm

    Your lender will have to approve of a short sale. Wells Fargo is notorious for denying short sale requests. You need to call their Loss Mitigation Department and see what you can work out.
    References :

  2. Lesley Says:
    March 17th, 2010 at 1:48 pm

    You could try to do one, but the bank has to agree to it, and that’s a huge deficiency. If they do approve it, they will issue you a 1099 for the deficiency which will be taxable to you as income. You might want to consider bankruptcy or a deed in lieu of foreclosure.
    References :

  3. Real Estate Guy Says:
    March 17th, 2010 at 1:54 pm

    game? You’re the one creating a game.

    give it back, foreclosure or short sale, you will have the following issues to deal with. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html
    References :

  4. B B Says:
    March 17th, 2010 at 2:15 pm

    short sales can technically work, but i haven’t ever heard of one actually going through

    i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price
    References :

  5. godged Says:
    March 17th, 2010 at 3:01 pm

    Short sales occur all the time, but the lender is going to have to approve everything.

    It is your game to lose, the lender loaned you the money, you agreed to repay it, you are in default, you can either play by their rules or lose the house.
    References :
    Oregon Realtor

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